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Brazil's Pix continues its runaway success, with more transactions made using the instant payments platform in the first quarter than credit and debit cards combined.
Launched in late 2020 by the Central Bank of Brazil, account-to-account payment option PIX saw transactions for Q1 hit 8.1 billion, compared to 4.2 billion for credit cards and 3.8 billion for debit cards.
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“With FedNow and RTP, US financial institutions have a real opportunity to innovate on top of these new payment rails to give consumers and businesses better payment options,” says Carlos Netto, CEO, Matera. “Pix shows how intuitive payments can be. It poses the greatest threat yet to credit card dominance."
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